Journal ArticleDOI
The Random Utility Hypothesis and Inference in Demand Systems
Bryan W. Brown,Mary Beth Walker +1 more
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In this article, the authors examined the consequences of adopting the random utility hypothesis as an approach for randomizing a system of demand equations and showed that the disturbances of the demand equations may not be homoskedastic, but must be functions of prices and/or income.Abstract:
In this paper, the authors examine the consequences of adopting the random utility hypothesis as an approach for randomizing a system of demand equations. Random utility models are appealing since they allow the usual assumption of deterministic utility-maximizing behavior by each consumer to coexist with the apparent randomness across individuals that is exhibited by data. Their results show that the use of random utility models implies that the disturbances of the demand equations may not be homoskedastic, but must be functions of prices and/or income. Copyright 1989 by The Econometric Society.read more
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Nonparametric estimation of triangular simultaneous equations models
TL;DR: In this article, a simple two-step nonparametric estimator for a triangular simultaneous equation model is presented, which employs series approximations that exploit the additive structure of the model.
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Nonparametric Estimation of Nonadditive Random Functions
TL;DR: In this paper, the authors present estimators for non-additive functions that are nonadditive in unobservable random terms, where the distributions of the unobservably random terms are assumed to be unknown.
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Nonparametric Engel curves and revealed preference
TL;DR: In this article, the authors apply revealed preference theory to the nonparametric statistical analysis of consumer demand and derive tightest bounds on indifference surfaces and welfare measures using an algorithm for which revealed preference conditions are shown to guarantee convergence.
Journal ArticleDOI
Tricks With Hicks: The Easi Demand System
Arthur Lewbel,Krishna Pendakur +1 more
TL;DR: In this article, an exact affine Stone Index (EASI) demand system is proposed, which delivers the convenient properties of Hicksian demands in an empirically simple framework.
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Collective and unitary models: A clarification
TL;DR: In this article, the authors identify and clarify a confusion that has arisen in the literature about the exact relationship between unitary and collective models and what enters the Pareto weight and the sharing function and suggest that any model that leads to outcomes that satisfy the Slutsky conditions whether or not these outcomes depend on distribution factors.
References
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Journal ArticleDOI
A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity
TL;DR: In this article, a parameter covariance matrix estimator which is consistent even when the disturbances of a linear regression model are heteroskedastic is presented, which does not depend on a formal model of the structure of the heteroSkewedness.
Posted Content
An Almost Ideal Demand System
TL;DR: The Almost Ideal Demand System (AIDS) as mentioned in this paper is a first-order approximation of the Rotterdam and translog models, which has been used to test the homogeneity and symmetry restrictions of demand analysis.
Book
Nonlinear Statistical Models
TL;DR: In this article, a Unified Asymptotic Theory for Nonlinear Regression with Regression Structure (UATRS) is proposed. But it is not a unified theory for dynamic nonlinear models.